A majority of our favorite coins and tokens are in the green in the crypto-markets. Bitcoin (BTC) being the King of Crypto, is all in the green with a 4.62% gain in the last 24 hours. BTC is currently valued at $6,778. Ethereum (ETH) is also enjoying a 7.58% increment in the last 24 hours and currently trading at $535. Ripple (XRP) is up by 6.27% and trading at $0.54. Bitcoin Cash (BCH) seems to have got out of the slump in the $800 levels and is currently trading at $905.
The total market capitalization has jumped from yesterday’s levels of $276 Billion to current levels of $291 Billion. This is a 5.4% increment in less than 24 hours. The exact figure is $15 Billion gained in the same time frame. This is some good and a steady increment of volume.
One is tempted to claim that the current increment is due to the ongoing stock market crash. Yes, the stock markets are currently going through a major correction as outlined by Billionaire investor Jim Mellon who was quoted as saying the following during a CNBC interview:
There has been far too much complacency, far too many buybacks by corporations of their stock which have supported the market, far too much concentration of ownership, particularly in tech stocks in the U.S. And it’s time for a very major correction, which is I think what we’re embarking on.
It is still too early to tell if the money is being diverted to the cryptocurrency markets. Therefore we are not out of the woods yet, but two cryptocurrencies are currently leading the pack in an unsure market. These are the cryptocurrencies of Tron (TRX) and Ontology (ONT).
Tron (TRX) is currently trading at $0.04938 and up 17.90% in the last 24 hours. The token has very exciting events lined up for the next few days that are the probably the cause of the current rally. The TRX token swap begins on the 21st to the 24th of this month with the full blockchain migration being complete by the 25th during the Tron Independence Day. There is also the Super Representative elections on the 26th. Therefore, this might be the beginning for TRX in the markets for more is yet to come.
Ontology (ONT) is also up by 10.34% and trading at $6.75 at the moment of writing this. Further investigating why the digital asset keeps rising indicate that the project recently sealed a partnership with CarBlock on the 12th of June. The latter is one of the first blockchain based transportation solutions in the market.
There was also news of Ontology partnering with Points (PTS), a blockchain-based credit service network. PTS plans on being the next generation of credit scoring and distributed crediting services on the blockchain.
It is therefore no surprise that the crypto-traders are excited about both Tron (TRX) and Ontology (ONT) in the current uneasy crypto markets. The $15 Billion increment in total market capitalization is some welcome relief with many traders and Crypto HODLers rejoicing from the good news and hoping it will continue as is.